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You asked "What is the effect of placing of course ..." When writing, I ask myself, "Is this word or phrase nessary?" "Does [fill in the blank] enhance or clarify or help a reader to picture in his...
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#3: Attribution notice added
Source: https://writers.stackexchange.com/a/29162 License name: CC BY-SA 3.0 License URL: https://creativecommons.org/licenses/by-sa/3.0/
#2: Initial revision
You asked "What is the effect of placing of course ..." When writing, I ask myself, "Is this word or phrase nessary?" "Does [fill in the blank] enhance or clarify or help a reader to picture in his mind what I'm trying to convey?" "If I took that word or phrase out of the sentence, would it make any difference?" "Is adding [fill in the blank] superfluous?" "Not everything was rainbow and roses. Sometimes rain would fall on my head or a torn prickle my finger." Perfect flow of words in my opinion. I think the effect of using "of course" is that there is no effect and effect is what you're striving for.